Malaysia Morning News For March 23

Illicit trade costing Malaysia almost RM8 billion a year
Malaysia needs more coordinated efforts between the private and public sectors to effectively tackle illicit trade, said Institute for Democracy and Economic Affairs Director of Research, Ali Salman.
— New Straits Times

OCBC Bank launches new service for high net worth individuals
In line with the country’s rising affluent population and competition for a slice of the lucrative high net worth individual (HNWI) segment, OCBC Bank (M) Bhd has launched OCBC Premier Private Client (PPC), a service for those with assets under management (AUM) of RM3mil and above.
— The Star Online

Sapura Energy to start production at B15 field offshore Sarawak
Sapura Energy Bhd (Sapura Energy) will commence production at the B15 field offshore Sarawak with the first gas milestone achieved within two years of the sanction of its field development plan (FDP).
— New Straits Times

Sector outlook for shipping companies remains negative in 2018, says Fitch
The global sector outlook for shipping companies remains negative in 2018, according to Fitch Ratings.
— The Edge Markets

The twilight of 1Malaysia, the dawn of another
In the final 100 days before Malaysia’s 14th General Elections (GE14) must be called, the contest between two coalitions is already well underway, and growing fraught.
— New Mandala

Telekom Malaysia adopts EdgeVerge Systems’ AssistEdge
These days staying connected is more than just being able to talk to someone on a communications device or being able to send messages on demand or being able to research online.
— Telecomasia

Abu Dhabi’s Mubadala finalises investment in Malaysia gas field
Abu Dhabi’s Mubadala Petroleum has finalised investment in its first Malaysian gas project alongside Petronas Carigali and Sarawak Shell Berhad.
— Gulf Business

ACCCIM: Chinese businesses relatively upbeat about Malaysian economy this year
Chinese businesses appear more optimistic about the economic outlook for 2018 compared to the first half of last year, a survey showed.
— The Malay Mail

Malaysia’s sovereign funds to pool in $250m for tech-focused fund of funds
Malaysia’s sovereign and pension funds have jointly pooled in $250 million towards a tech-focused ‘fund of funds’ to make co-investments in fledgeling local companies.
— DealStreetAsia

Govt finalising talks with international e-commerce players for DFTZ
The government is finalising talks with several international e-commerce players to participate in Malaysia’s Digital Free Trade Zone (DFTZ), a minister said.
— New Straits Times

Malaysia police deny prejudice against Kim murder suspects
A Malaysian police investigator says the absence of four North Korean suspects believed to have orchestrated the killing of their leader’s half brother didn’t cause prejudice against the two women who are on trial.
— Business Standard

‘Mapping out’ the industry
MENTION “mapping” in the property scene and one brand almost always comes up in people’s minds is Ho Chin Soon Research.
— New Straits Times

Eyebrows raised as Malaysia set to redraw electoral boundaries before polls
Malaysian Prime Minister Najib Razak’s government will on Wednesday seek parliamentary approval to redraw electoral boundaries, a move critics say will benefit his ruling coalition in national polls.
— Business Insider

Boeing delivers first 737 MAX 9
Boeing and the Lion Air Group have celebrated the very first 737 MAX 9 to be delivered.
— New Straits Times

Red Sena looking at local firms for qualifying acquisition
Red Sena Bhd, the first food and beverage (F&B) special purpose acquisition company (SPAC) on Bursa Malaysia, has shifted its focus to targeting local F&B firms for its qualifying acquisition (QA) given the unattractive valuations in the regional market.
— The Sun Daily

Muhibbah Engineering JV company wins RM32.7m LRT3 job
Muhibbah Engineering (M) Bhd’s 49 per cent-owned joint venture company has won an RM32.7 million contract for the Light Rail Transit Line 3 (LRT3) project.
— New Straits Times

Khazanah buys Prince Court Medical Centre from Petronas
Khazanah Nasional Bhd is buying a 100% stake in the Prince Court Medical Centre from Petroleum Nasional Bhd for an undisclosed sum as it seeks to build up the healthcare services sector in Malaysia.
— The Star Online

Malaysia case provides guidance on franchise law
A recent interlocutory case in Malaysia, (the “La Kaffa decision”) has provided some helpful guidance on when an interlocutory injunction will be granted to restrain a franchisee from operating a competing business after termination of the franchise agreement.
— JDSUPRA

Gobi Partners leads $1m pre-Series A round in Malaysia’s AVANA
Malaysia-based social commerce platform AVANA on Thursday announced that it has raised $1 million in a pre-Series A round led by Gobi Partners.
— DealStreetAsia

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Malaysia morning news by AEC News Today is your one stop source for Malaysia news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies not politics.